Some have labelled this a 'golden age' for private debt, but fund managers would do well to avoid complacency. Here are some concerns. “Getting all those data flows into quarterly statements – categorising a whole bunch of expenses in different ways that you’ve not done traditionally and getting them out every quarter – that’s going to be pretty burdensome, particularly for smaller and mid-sized private fund advisers which may not have the same kind of infrastructure as the larger ones,” says Greg Larkin, a partner in the Financial Services group and Private Investment Funds practice, to the Private Debt Investor. Larkin believes that what underlies the SEC’s latest move is its belief that private fund fees and expenses are too high – and pressure should be applied to bring them down. “They can’t cause it to happen directly, so I think the idea is if we get a lot of disclosure on what people are actually being charged, investors will start negotiating for something better.”